Dan Buys a Property for $250 000

question 39

Multiple Choice

Dan buys a property for $250 000. He is offered a 20-year loan by the bank, at an interest rate of 6% per year. What is the annual loan payment Dan must make?

• A)$64 486.34
• B)$32 684.66
• C)$24 864.98
• D)$21 796.14

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Definitions:

Fidelity

The degree of accuracy or faithfulness with which a copy replicates its source or a person remains loyal to their beliefs or commitments.

Sincerity

The quality of being free from pretense, deceit, or hypocrisy in one's actions and words.

Genuineness

The quality of being authentic and true to one’s feelings and thoughts in interactions with others.

Sense of Duty

A moral or ethical obligation to act or behave in a certain way, often fueled by personal principles or societal expectations.